Archive for April 18, 2012
We will be treated this year to a stark contrast in visions for America. That contrast cannot be made clearer than by considering a pair of tax proposals before Congress this week.
Republicans in the Senate blocked consideration of a Democratic proposal known as the Buffett Rule, which would have codified a clearer progressive income tax, and would have resulted in an estimated $36.7 billion per year in additional federal revenue. (Correction: the estimated $35 — $47 billion is for a ten-year period.) Virtually simultaneously with that act, Republicans in the House announced a new tax cut proposal, which would increase the deficit by almost exactly the same amount as the Buffett Rule would have reduced it. (Correction: the Republican proposal would increase the deficit by about $40 billion in a single year.)
That’s right…after spending three years whining about the deficit, the Republican reject a bill that would have made at least a token move in the right direction, and recommend instead an increase in the deficit.
Why would they engage in such blatant self-contradiction? The reason is simple. The Buffett Rule would have raised taxes on wealthy people. The Republican proposal would lower taxes on wealthy people. It’s really that straightforward. (more…)